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Prepare the journal entry to record income taxes

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Reference no: EM132270359

Question - Fred's Foods had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2017:

a) Prepaid Expenses $15,000

b) Depreciation Expense $80,000 and

c) Warranty Expense ($22,000).

There were no temporary differences on January 1, 2017. Taxable income was $20,000; Jim's had $100,000 of pretax accounting income. The tax rate is 35%. Prepare the journal entry to record income taxes for 2017.

Reference no: EM132270359

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